CIGA Energy Advisory Announces Successful Closure of Entek’s Acquisition of 214.26 MW Solar Plant in Romania

BUCHAREST, March 14th, 2025 – CIGA Energy Advisory (CEA), a distinguished member of the RCI Holding, is proud to announce the successful closing of a major transaction in the renewable energy sector. Enspire Enerji Yatırımları ve Hizmetleri A.Ş. which is 100% owned by Entek Elektrik Üretimi A.Ş., (“Entek”) has officially completed the acquisition of a 214.26 MW photovoltaic (PV) power plant under development in Romania.  

The transaction has been completed with an updated total purchase price of EUR 33.2 million, subject to post-closing adjustment, whereby a total amount of 29.2 million euros has been paid up to this stage to Econergy International Limited (Seller). This acquisition is key milestone for Entek, a joint-stock company headquartered in Türkiye and majority-owned by Türkiye Petrol Rafinerileri A.Ş. (“Tüpraş”), Türkiye’s largest industrial enterprise and Europe’s 7th largest refiner. 

CIGA Energy Advisory provided expert guidance throughout the due diligence process. In the period prior to the transaction closure, Ciga Energy Advisory encompassed delivering technical assistance services to facilitate the completion of the environmental impact assessment.  

The team, led by Mrs. Cristina Popescu, Chief Operating Officer of RCI Holding and Business Line Leader for Energy Sector, the environmental and energy management specialists Angela Nedelcu, Cosmin Briciu, Antoniu Dumitru, and Raul Toma, delivered a comprehensive report that identified potential risks and outlined strategies for their mitigation. 

Complementary, another member of RCI Holding Energy sector, Ciga Energy EPIC, under the leadership of Robert Ivan, had played a key role in the detailed analysis of the permitting process, ensuring that all required permits align seamlessly with the project's specific requirements and applicable legal standards.  

This approach not only addresses every facet of the permitting process but also serves to minimize potential risks and facilitate a smoother, more efficient project progression. 

“Partnership, excellence, expertise, and commitment—these are the values that have shaped our collaboration with Entek," said Dan Stratan, CEO RCI Holding. "It’s been great working together to bring this deal to life, and it is a clear reflection of our shared vision for growth and innovation." 

“We’ve been impressed by the swift and reliable support we’ve received while entering the Romanian market. Their highly experienced team has been instrumental in guiding us through every step of the process.” said Volkan Aktürk, Strategy & Business Development Director, Entek.  

About Ciga Energy Advisory 
Ciga Energy Advisory, a strategic spinoff from CIGA Energy since 2010, offers Management Consulting services in four main pillars: Business, Sustainability (ESG), Regulatory, and Technical. The company’s offering includes a wide array of services, from strategy to implementation support, with a recent focus on technology-driven transformation strategies, asset management, energy efficiency and emission reduction analysis, market studies and due diligence services (regulatory, technical, economic or environmental).  

About Ciga Energy Epic 
Ciga Energy Epic, a member of the RCI Holding, is a leading provider of engineering services, offering a complete portfolio of services, acting as Owner/Lenders Engineer and EPC support in the energy sector. With expertise in large-scale projects, the company spans a wide spectrum, from conventional power generation initiatives to state-of-the-art renewable energy technologies, including solar, wind, and hydrogen energy. 

About RCI Holding 
RCI Holding, a conglomerate of 17 companies founded in 2000 and based in Bucharest, Romania, is a major player in the Engineering, Technology, Financial Solutions, Energy markets and Management Consulting, active in diverse projects across 18 countries. The group of companies boasts an annual turnover in 2024 of 75 million Euro, with 48 million Euro generated from professional services, managing a CAPEX value over 25 billion Euro.